Murder detectives in Atlanta on Wednesday obtained an warrant for the arrest of 30-year-old Antonio Demetrice Rhynes on a felony murder charge based on evidence and tips from the public, and officers arrested him early on Friday morning, Officer Steve Avery said in an email.
Rhynes will be taken to the Fulton County jail once he is processed, Mr Avery said.
It was not immediately clear whether he had a lawyer who could comment on his arrest.
Best known for his roles in Spike Lee films, Byrd was found dead around 1.45am on October 3 near his home in southwest Atlanta.
He had been shot multiple times in the back.
A 10,000 US dollars reward had been offered for information leading to an arrest.
Byrd acted in films including Clockers, Chi-Raq, Bamboozled, He Got Game and Da Sweet Blood Of Jesus.
Also a stage actor, Byrd was nominated in 2003 for a Tony award for his performance in the Broadway revival of Ma Rainey’s Black Bottom, co-starring Whoopi Goldberg and Charles S. Dutton.